#4106: How Credit Unions Helping Members During the Most Expensive Holiday Season Since 2020...

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Evergreen Credit Union’s VP, Marketing Ed Budway and SchoolsFirst Federal Credit Union’s Vice President Ashley Franklin joined us on the show to share their take on 2025's most expensive holiday season since 2020.

Ashley and Ed talked about how their credit unions are dedicated to supporting members with personalized services, low fees, and community involvement -- offering tools like cash back options and financial education to help members manage rising costs, especially during the holiday season and heading into 2026. Collaboration among credit unions is emphasized to enhance community support during the holiday season.

They also touched on how Backbone, as a coalition, amplify holiday support across credit unions.

Q&A summary...
What are the main financial pressures that members are facing this holiday season according to Ashley Franklin?
Ashley mentions that rising prices on everyday items, layoffs, and furloughs are significant pressures, compounded by the economic uncertainty from events like devastating fires in Southern California.
How do credit unions like SchoolsFirst and Evergreen support their members during financial stress?
Credit unions focus on member-owned solutions, offering low to no fees and competitive rates, which allows them to provide personalized support that traditional banks may not offer.
What specific tools or advice do credit unions provide to help members manage rising holiday costs?
SchoolsFirst encourages members to use their credit card portfolio with cash back options and the ability to skip January payments, while Evergreen offers similar tools and financial education to help members navigate their options.
How are credit unions involved in community support during the holiday season?
Credit unions engage in community activities like food drives and emergency holiday loans, and they partner with local organizations to provide low-cost or free events for families during the holidays.
What is the Backbone Coalition and how does it enhance holiday support among credit unions?
The Backbone Coalition connects over 30 credit unions, amplifying their collective efforts to serve members and share successful strategies, ensuring that the credit union message reaches more people.
What strategies do credit unions recommend for members to start the new year on a strong financial footing?
Credit unions advise members to plan and budget early, pay off high-interest debt, and set realistic financial goals to foster confidence and long-term financial wellbeing.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.